Joby Aviation doubles production capacity with facility expansion

SANTA CRUZ - Joby Aviation, Inc. (NYSE:JOBY), whose stock has surged over 80% in the past year and currently trades near its 52-week high of $12.65, announced Tuesday the expansion of its manufacturing site in Marina, California, doubling the aircraft production capacity at that location to support the scale-up of its electric air taxi operations.

The expanded Marina facility now spans approximately 435,500 square feet and is expected to produce up to 24 aircraft annually once fully operational. The company, now valued at $10.63 billion, maintains a strong financial position with more cash than debt on its balance sheet. Joby also added a new aircraft to its growing fleet, marking its sixth aircraft to receive airworthiness certification.

"We celebrated the opening of the new facility with the flight of our sixth aircraft, which earned airworthiness certification within a week of completion," said Eric Allison, Chief Product Officer at Joby, according to the company’s press release.

The company is also ramping up operations at its newly renovated facility in Dayton, Ohio, which will manufacture and test aircraft components. Equipment installation is underway at the Dayton site, which is planned to eventually support production of up to 500 aircraft annually.

Joby’s manufacturing network includes four facilities: the expanded Marina site, its Santa Cruz headquarters, a San Carlos location focused on powertrain and electronics, and the Dayton facility.

The company received a $9.8 million grant from the California Governor’s Office of Business and Economic Development in 2023 to accelerate growth, along with support from a California State Treasurer’s Office program that helped reduce equipment costs by $10 million.

Joby is developing an all-electric, vertical take-off and landing air taxi for commercial passenger service. The company is leveraging Toyota’s manufacturing expertise to drive scale, quality and efficiency in its production processes, with Toyota engineers integrated with the Joby team.

The company’s founder and CEO JoeBen Bevirt is scheduled to speak about Joby’s US-based manufacturing efforts at the Reindustrialize Summit in Detroit on July 16. While Joby maintains impressive gross profit margins above 50%, investors seeking deeper insights into the company’s financial health and growth prospects can access comprehensive analysis through InvestingPro, which offers detailed research reports and 18 additional exclusive ProTips for this emerging aviation player.

In other recent news, Joby Aviation has reached significant milestones in its efforts to launch commercial air taxi services. The company successfully completed a series of piloted, vertical-takeoff-and-landing flights in Dubai, marking a crucial step toward its planned passenger service launch in 2026. These flights demonstrated Joby’s technological capabilities in high-temperature conditions, which are typical in Dubai, and were observed by key officials, including His Excellency Mattar Al Tayer from Dubai’s Roads and Transport Authority. Joby is developing vertiport infrastructure at several locations in Dubai, with the first site at Dubai International Airport expected to be completed by the first quarter of 2026.

Analysts have responded positively to these developments. Cantor Fitzgerald maintained a Neutral rating with a $9.00 price target, while H.C. Wainwright and Canaccord Genuity both reiterated Buy ratings with price targets of $13.00 and $12.00, respectively. Canaccord Genuity highlighted Joby’s extensive flight testing record, which includes over 40,000 miles across various conditions, as a key factor in its evaluation. The company’s ongoing collaboration with Dubai’s Roads and Transport Authority, as well as its exclusive rights to operate air taxis in the region, underscore its commitment to establishing a foothold in the Middle East market. Joby’s strategic partnerships and infrastructure developments are seen as critical components in meeting emerging market demand.

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